Consolidate That!: Recent Episodes
Consolidate That!
Hosted by Dr. Ivan Zak and Ryan Leech, Consolidate That! focuses on critical corporate topics in the veterinary business. The episodes center on improving clinical care, customer and employee experience, combining proven processes with modern technology, and ways to expand shareholder value using clear performance metrics.
Find beneficial knowledge that you can apply in the rapidly growing veterinary consolidation market.
Dr. Taylor Miller of Not One More Vet (NOMV) talks about how wellness education and normalizing mental health conversations can help vet professionals deal with challenging client relationships.
Dr. Miller expands on her belief that our own health begets improvements in client health.
Topics discussed:
- Impact of curbside practice on client communication
- Impact of the pandemic on mental health
- How anxiety changes the way our brain processes information
- Consequences on client relationships and veterinary professional QOL
- The Veterinary Oath initiative and NOVM statement
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This week on Consolidate That! Ryan and Ivan speak with Dr. Helene Seljenes Dalum, a veterinarian and Ph.D. candidate at the University of Oslo. Helene shared some of the results of a recently published study on vets in Norway and outlines the necessary prerequisites to reduce mental health stressors.
Topics discussed:
- About #NORVETproject
- The stigma of mental health
- What are the prerequisites to prevent mental health issues
- The role of the organization in helping avoid burnout
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Dr. Sarah Wallace joins Dr. Ivan Zak and Ryan Leech to talk about Telehealth and its reach across the entire organization. Dr. Sarah guides us through her deep expertise of growing veterinary medicine virtually.
Topics discussed:
- Dr. Sarah’s path to Galaxy Vets
- Increasing hospital capacity through the implementation of telemedicine
- The misconception that telemedicine is inferior to in practice medicine
- How a department should be viewed as an entire ecosystem in the Business Model Canvas
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Ryan Leech and Dr. Ivan Zak of Galaxy Vets talk in-depth about the Business Model Canvas and how it beats out the old school business plan model!
Our hosts share the details outlined in the Business Model Canvas, including value proposition, customer relationships, channels, revenue streams, and more. Tune in to hear all you need to know about the revolutionary new way Galaxy Vets is approaching its business model!
Topics discussed:
- How Business Model Canvas serves to replace the old business plan
- The nine sections outlined in the Business Model Canvas.
- Three things a business model needs to achieve: create, deliver, and capture value.
- The importance of identifying and understanding the connection between the customer and the value proposition.
- The application of the Business Model Canvas within Galaxy Vets.
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Galaxy Vets’ Head of Finance, RJ Peters, joins us to discuss M&A value stream mapping, creating a people-first culture and his early impressions of Kanban methodology.
RJ shines a light on what pawnshops, childcare, and the veterinary industry have in common!
Topics discussed:
- RJ’s unique background in consolidation
- Utilizing Kanban from day one
- Strategies for collaborating across the organization
- How happiness leads to success
Galaxy Vets COO Emmitt Nantz talks about the theory of constraints, value stream mapping, subjective-objective assessment plans (SOAP), and “the five why’s.” For each of these concepts, Emmitt provides an example of how they can be applied in a veterinary clinic setting in order to reduce bottlenecks, improve employee and client experiences, and ultimately make your organization run as efficiently as possible.
Topics discussed:
- Applying the theory of constraints to veterinary industry consolidation.
- Challenges of scaling processes from one hospital to many.
- A key to preventing bottlenecks in your organization.
- Value of “the five why’s” concept and an example of how this could play out in a veterinary hospital setting.
- The method that Galaxy uses to find solutions to their problems.
Cory Friedman, Managing Director of the Veterinary Division at Alera Group, joined to talk about how consolidators approach health insurance and other benefits.
We tackled the question of benefits from an acquisition and integration standpoint and the inevitable challenges within consolidation. Cory shared some of the best practices when it comes to the delicate balance of consolidating benefits post-acquisition.
Topics discussed:
- How to approach the question of benefits from an acquisition and integration standpoint.
- Incremental steps to take to achieve uniform benefits and the difficulty of doing so.
- The best time to announce to your employees that your practice is being acquired.
- Advantages of acquisition and the importance of communicating them to employees.
- Why you should take the steps to consolidate benefits as soon as possible.
- The value of consulting an advisor in the consolidation process.
Today we are doing one of our first dives into Galaxy Vets by bringing in a special guest from inside the organization, Dr. Lauren Catenacci, our Head of People and Culture.
The conversation starts off with a brief understanding of what culture is and its relationship to core values. Hear about the three levels of analysis used to assess the cultural fit of potential clinics and some practical examples of culture within an organization.
Topics discussed:
- An explanation of organizational psychology and defining culture.
- Building culture from your core values.
- How culture can evolve.
- The three levels of analysis to assess the cultural fit of clinics.
- Some examples of how culture plays out in practice and the psychology underneath.
Ryan Leech and Dr. Ivan Zak cover the most recent burnout survey results. This year's survey looks at the change and dynamics of burnout from 1,600 veterinarians across different demographics, including gender and work-life balance.
Our hosts share the innovative techniques and experiments that Galaxy Vets will be implementing that support the ultimate goal: preserving the mental health of each of employees to mitigate the high rates of burnout and suicide in the industry.
Topics discussed:
- Key findings of the survey on burnout.
- What factors contributed to lower burnout rates among veterinarians.
- How consolidation can bring positive results to our industry when done right.
- Five core values of Galaxy Vets.
- Some insights for the onboarding process at Galaxy Vets.
Ivan and Ryan are thrilled to be returning with this first episode of our second season, where they discuss the formation and insights into Galaxy Vets, including strategy, leaders, practices, and more.
Topics discussed:
- Kicking off with an exciting pivot; season two includes our Galaxy Vets journey.
- Framework called Three P's and Three S's.
- Galaxy Vets mission: giving veterinary medicine back to veterinarians.
- Reinventing how we do vet medicine, vertical integration, providing equity, and more.
Austin Hair, Partner at Leaders Real Estate Development, shares his experiences locating, leasing, acquiring, and moving to the perfect property. We discuss how long-term leases protect the tenants, and when is the right time to reach out for help from a broker.
Topics discussed:
- Choosing to buy or lease, depending on the lifecycle of your consolidation journey.
- How long-term leases actually protect the tenants.
- Establishing your location vs. moving to a new space
- Best strategies when negotiating a lease.
In this episode, we sit down with Dr. Edward Kanara, Founder of Kanara Consulting Group, to talk about the difficulties of unified management, and how businesses can only function optimally if leadership decisions are made with best medical care practices as the priority.
We discuss the challenges of differing goals between management and veterinary medical practitioners, and how with the right approach these spaces can be unified to create thriving businesses that still prioritize patient care.
Topics discussed:
- The difficulties of unified management and creating win/win value propositions.
- How leadership must understand that employees have to believe in what they're doing.
- The importance of explanatory communication coming from corporate.
- The importance of workplace culture; staff retention is crucial in the current environment.
- Ed brings to the table the potential benefit of hybrid commission models.
Instinct Science Software’s Founder and CEO, Dr. Caleb Frankel, joins us today to guide us through the changing dynamics and goals in the veterinary market, and how Instinct is becoming a full-blown PIMS. Diving into software as a huge factor in work-life balance and burnout, this episode focuses on the ways that it's also a definitive avenue to resolve the burnout crisis.
Topics discussed:
- How staffing issues and burnout are tied to software choices.
- How PIMS providers frequently appear and disappear, and the challenges they face.
- Caleb talks about tackling the tricky issue of data protection.
- Discussing consolidation issues of how management and vets have differing goals.
- How consolidators need to take heed of the warning signs regarding staff retention.
- The ways Instinct is unique; easy installing, solving ancillary problems, and more!
Today we are joined by Klint Kendrick, the author of The HR Practitioner’s Guide to Mergers and Acquisitions Due Diligence, to cover various topics, from how to incorporate Maslow’s hierarchy of needs into your business, to the integral role that trust plays in organizational leadership.
Without the proper communication and change management plan, employees can be left feeling confused, stressed, and insecure, which can have tangible consequences for your staff turnover, customer retention, and ultimately, your bottom line.
Topics discussed:
- A breakdown of the roundtable approach that Klint takes to M&A.
- How to help employees start their ‘change journey’.
- Why you should inform employees of your plans at the appropriate time.
- The hard factors to consider when doing due diligence: finance, operations, and compliance.
- The soft factors to consider when doing due diligence: leadership and culture.
- Insights into Maslow’s hierarchy of needs and its role in your organization.
Our guest Shawn McVey of Pathway Vet Alliance joins us to cover the keys to effective process implementation in a veterinary hospital, the importance of structure in the workplace, and the five main issues experienced in veterinary practices.
Topics discussed:
- Main cultural issues that are experienced in veterinary practices.
- Keys to implementing processes effectively.
- The importance of structure in the workplace.
- Five main issues experienced in veterinary practices.
- Examples of processes that should be in place
Today we are joined by Angela Morisette from Scratchpay. She walks us through Scratchpay's various services and pivots and how they go to market with large consolidators.
We also hear a detailed description of the user's experience and some interesting findings when working with veterinary groups.
Topics discussed:
- How Scratchpay differs from CareCredit.
- The different ways that Scratchpay goes to market with large consolidators.
- How sending out a digital invoice versus a paper statement drastically increases collection rates.
- How Scratchpay is complementary to both insurance and wellness plans.
- Diving deeper into problem-solving for common wellness plan issues.
Dr. Tom Bankstahl, CEO at Veterinary United, joined us for this inspiring conversation about his aspirations for a long-term veterinary-owned group and keeping a safe space for veterinary medicine.
Tom also runs us through how he implements his People First policy, how he is creating spaces for people to grow as people as well as professionals.
Topics discussed:
- Putting people first, and Tom's implementation of that principle in his organization.
- What is NLP, and how it can be used to help people understand their emotions.
- The power of happiness.
- Attracting people that mirror your energy.
- Tom speaks about the growth process as an independent practice, versus backed by investors.
Today on Consolidate That! with Dr. Ivan Zak and Ryan Leech, we discuss continuous improvement in the veterinary world. Ivan talks about the difference between continuous education and continuous learning cultures, and how many veterinarians experience burnout once they’ve completed their studies and find themselves in a repetitive practice environment.
Topics discussed:
- The difference between continuous education and continuous learning cultures.
- Reasons veterinarians love to learn and continue to learn.
- How consolidators should look at implementing opportunities for people to learn.
- Micro-learning and micro-accreditation: a good way to structure education for consolidation.
- How continuous learning cultures need to be structured and systematized.
In this fascinating episode, we are talking to Shawn McVey, co-founder of Pathway Vet Alliance. Shawn has had phenomenal success with helping veterinary businesses move from reactive and inconsistent practices to successful, profitable, and fully integrated workspaces.
Providing real-world examples from his many years of experience, he also talks us through his journey with numerous clinics and associations that formed and benefited his journey to conceptualizing and implementing Pathway.
Topics discussed:
- A fascinating overview of the behavioral psychology behind why people are veterinarians.
- Realizing that there is a huge emotional intelligence problem that needs attention and management.
- Finding out the most vulnerable points of veterinarians, mostly stemming from communication.
- Partnering with Jasen Trautwein, and turning 2 practices into 27 in just a year and a half.
- Discussing burnout, the suicide rate, and losing touch with the world outside of your practice.
- Diving deep into Pathway planning, culture, and choosing core values.
Our guest, Kevin Burke of VetPay, introduces us to the payment processing industry and how it has evolved over time. We've touched on why consolidators should be looking at their payment processing statements every month and how VetPay has made sure to keep up with the changes, while at the same time providing their customers with lower prices, a high degree of transparency, and personal customer service.
Topics discussed:
- Competition in the credit card processing space.
- How VetPay differentiates themselves from other payment processors.
- The biggest drawbacks and benefits of integration.
- Analyses that VetPay does for consolidators who come to them for advice on optimizing their consolidations.
- Benefits of interchange plus pricing as opposed to flat rates.
Today we are joined by Matthew Flann, veterinary surgeon, and director at Pennard Vets. He explains the transition to an employee-owned model, how this model has influenced Pennard Vets’ ability to hire veterinarians, how the company’s internal culture has changed, and how the employees’ 70 percent ownership affects the decision-making process and strategy of the company.
Topics discussed:
- An introduction to Pennard Vets and how they came to be employee-owned.
- How the decision to transition into this model was received by the company’s employees.
- How this model has influenced Pennard Vets’ ability to hire veterinarians.
- Insight into how the company culture is changing since the introduction of this new model.
- The system through which employee ideas are communicated to the management team.
During episode #40, Clint Latham, the Founder of Lucca Vet, gives an overview of what cybersecurity in the industry currently looks like and sheds light on where consolidators’ vulnerabilities lie. Our conversation touches on what consolidators should do when they acquire a practice, how to keep data more secure, and the value of psychological safety in your workplace.
Topics discussed:
- The state of cybersecurity in the consolidated veterinary landscape
- A business email compromise that commonly occurs
- Finding the middle ground between server and cloud
- Cint’s advice for what consolidators should be doing immediately after acquisition
- Basic things we can be doing to keep our business data more secure
In today’s episode, Yang Shi, the Co-Founder and CEO of VetSnap, rejoins Dr. Ivan Zak and Ryan Leech to talk about consolidators and the hospital technology stack.
We discuss the process of selecting what software to roll out first in hospitals after the acquisition, the importance of building a strong relationship with the vendors, and how the powerful inventory management VetSnap helps clinical staff.
Topics discussed:
- Ways to surface up the most valuable opportunities to pursue;
- Building an ongoing relationship with your software vendors;
- The importance of focusing on the clinical team;
- Supporting hospitals after initial deployment;
- The benefits of finding vendors that are in the early stage of growth;
Greg Schimpff from VetSnap shares his experience and expertise on the management of vendor partnerships and understanding acquired hospitals' preferences.
We also discuss better communication practices and the exciting innovations that Greg has noticed in the field during the last decade.
Topics discussed:
- The importance of trust and familiarity for building relationships in the procurement field.
- A look at the value stream for procurement, and its evolution over time.
- Dealing with acquired hospitals and inherited vendors.
- Greg's process for aligning with vets and medical teams to keep different parties happy.
Today's conversation will touch upon a crucial topic in our domain - recruiting. Our guest, Stacy Pursell, CEO and Founder of Therio Partners and The Vet Recruiter, joins us to explain how the relative shortage of qualified veterinarians leads to an array of imbalances in the hiring space. We discuss the top priorities for candidates and receive great advice and recommendations.
Topics discussed:
- Talent shortages in the veterinarian space and the challenges of filling important roles.
- Top factors for veterinarians looking for work.
- How Stacy approaches helping employers and candidates and facilitates the process.
- The future of veterinary hiring.
In today’s episode, Dr. Ivan Zak and Ryan Leech continue their conversation about value stream mapping, this time analyzing it from the perspective of the various different levels within an organization.
They cover how to transition from an idea to a business plan, the tool which makes it easy to visualize your value stream, and what the exploration phase of acquisition entails.
Topics discussed:
- Hospital level value streams in comparison to consolidation level value streams.
- Why it’s important to have a process for creating processes within an organization.
- Examples of the steps involved in hospital improvement processes.
- The value that is provided by Kanban boards in the value stream mapping process.
- How processes eliminate waste within an organization.
In our special episode of the Consolidate That!, Dr. Beth Davidow, Clinical Assistant Professor at Washington State University, and Dr. Karen Felsted, CPA, Founder and consultant at PantheraT, join Dr. Ivan Zak to discuss the evolution of partnership models and how sellers can get the best terms for themselves and their employees.
Topics discussed:
- Different partnership models and their pros and cons
- Ways to increase practice valuation
- When it’s a good time to sell a practice
- Things you have to ask the buyer
- What effect does acquisition have on the team
Dr. Gary Ackerman, the Founder of Ackerman Group, joins us to talk about how veterinary practice owners can successfully navigate the complex process of business transitions in today’s busy seller’s market.
Dr. Ackerman also shares some of the pitfalls to avoid along with great financial advice.
Topics discussed:
- Why it is a seller’s market at the moment and which factors contribute to the interest.
- Pitfalls to avoid and why due diligence is important from both sides.
- The value of including a stabilization process.
- The rising temperature on single veterinary transactions and how small practices become bigger practices over time.
- Your options in Joint Ventures and Private Equity.
- How some companies focus on both margin expansion and arbitrage.
- How to begin the process of selling your practice and how Ackerman Group can help.
“The wellbeing of humans drives successful work.” Kari Sulenes, the Co-Founder of Pilea, talks about how to build an organization without burnout.
During the conversation, Kari shares the five elements which she believes are essential to wellbeing in the workplace, and how she is working to transform the hustle culture that is so pervasive in today’s society.
Topics discussed:
- The focus of Kari’s clinical psychology and organizational behavior dissertation.
- A meeting with venture capitalists that guided Kari down the path she is now on with Project Atlas.
- Kari explains how she compares burnout, compassion fatigue, and vicarious traumatization.
- Five key pieces of advice from Kari on how to build an organization with no burnout.
- How stress manifests itself physically in our bodies.
- Kari’s desire to change the “at all costs” mentality that exists in so many companies.
Today, Dr. Ivan Zak and Ryan Leech discuss value streams and value stream mapping. Ivan walks us through the definition of value stream mapping, providing some examples of different ways you can add value in a clinic setting.
There are hundreds of processes that happen in a clinic every day, and it is important to know each step and have an understanding of how they all fit together.
Topics discussed:
- A look at what value stream mapping is and an example of delivering value in a clinic.
- Differentiating between systems and subsystems.
- Where arbitrage happens and where margin expansion happens.
- The importance of defining what phase completion looks like.
- Defining what stabilization means and the buffer zone it provides.
- An actionable step your organization can take right now to map out value.
Dr. Ivan Zak and Ryan Leech discuss the importance of having prioritization procedures in place to avoid running too many projects at once and resulting in failure.
Additionally, we cover how the Consolidator Operating Framework adapted Kanban methodology, and how to implement Weighted Shortest Job First as used in Scaled Agile Framework (SAFe).
Topics discussed:
- The importance of knowing and using prioritization techniques;
- What is the WSJF methodology;
- Weighted Shortest Job First and Cost of Delay formulas;
- Potential risks of having multiple projects in progress simultaneously;
- How prioritization at all the levels of the organization will help to prevent burnout;
Nicole Clausen, an Inventory Consultant, joins us to share some of her wisdom. She tells us about her brand-new software, Inventory Ally, which is the perfect starting point for inventory optimization.
Nicole also shares what motivated her to start doing inventory management, real-life examples of clients whom she has helped to dramatically improve the structure of their businesses, and ways that corporate groups can leverage buying power without compromising dynamics within the veterinary team.
Topics discussed:
- The wide range of practices that Nicole works with to improve their strategies.
- How the cost of goods varies according to the type of practice.
- A common mistake people make with regard to the cost of goods.
- Why the creation of a standardized system is important for inventory management.
- The problem of mischarges in veterinary practices.
- KPI’s that Nicole looks at when optimizing inventory management of a practice.
- What an inventory turnover ratio is, and what it indicates about the state of your inventory.
- Nicole shares an example of a client who she helped to reduce her adjustment from $20,000 to $500 per quarter.
- Benefits of Inventory Ally.
- Ways that groups can leverage their buying power.
Jeffrey Feldberg, Co-founder of Deep Wealth, joins us to share his experience helping sellers maximize the value of their businesses as they exit. Jeffrey provides us with some practical advice on how to have a successful "liquidity event" when it comes to acquisitions.
During this episode, we discuss the main things a seller needs to think about when considering selling a business, the importance of preparation, and the three things that happen without preparation.
Topics discussed:
- The main things a seller needs to think about when considering selling their business;
- The value of preparation and three things that happen when you're not prepared;
- The importance of thinking like a buyer;
- Why the highest offer isn't necessarily the best offer and the importance of cultural alignment;
- The importance of transparency when the seller doesn’t want to go through with the deal;
- The “Now what?” question and why you should ask it before the liquidity event;
Our hosts, Ryan Leech and Dr. Ivan Zak, discuss types of veterinarian compensation models. What are they? How do they affect the business? How can consolidators use them to implement goals and objectives across the entire framework? And how to create a culture that people want to work in?
Topics discussed:
- Types of veterinary compensation models;
- Ryan's experience in building different payment structures for teams;
- How to pick up a compensation model to motivate the right behavior;
- Ivan's example of Maslow's pyramid in relation to culture and a sense of belonging;
- A culture that people want to work in - Netflix experience;
Yang Shi, the Co-Founder and CEO of VetSnap, talks about the consolidators' veterinary technology stack and the importance of staying focused on people first and then processes when it comes to business systems.
We delve into why it is necessary and how to follow your strategy with technology. Finally, we argue the hot topic regarding moving on to one PIMS when a new hospital is acquired.
Topics discussed:
- Experience with technology at the macro level in the consolidation;
- Why you should think about people first and then processes when it comes to business systems;
- What it means to follow your strategy with technology;
- Paying for integration makes more sense than building up your stack from the ground floor;
- Thoughts on standard data aggregators and whether or not they are applicable in the vet domain;
- How having the right data strategy can help to scale more efficiently as far as growth;
Brakke Consulting, and City Way Animal Clinics join Dr. Ivan Zak for a special web panel, 'Veterinary Consolidation Outlook: Pushing Beyond Your Current Plateau'.
John Volk of Brakke Consulting shares his research and Dr. Kurt Phillips of City Way Animal Clinics shares his experience to predict where the veterinary industry is heading.
During the webinar, we explore:
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Findings from the 2021 Brakke Industry Overview: status of veterinary practice consolidation and future projections
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Key revenue drivers in veterinary services for the next 5 years
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Six essential components for growing a successful veterinary group
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A business methodology to future-proof your enterprise
Richard Blann of Cantor Fitzgerald, gives us his thoughts on why the veterinary industry has seen so much action in the past decade and his predictions for how consolidation will change in the next five.
We talk about burnout and career satisfaction within the veterinary space and explore a partnership model that serves both providers' and investors' interests and touch on how that model has been tested and used in other verticals.
Topics discussed:
- Richard’s thoughts on why the physician management space has seen an explosion of deal activity in the last ten years;
- A prediction for how consolidation will change in the veterinary industry in the next five years;
- Burnout and career satisfaction within the veterinary space;
- A partnership model that serves the interests of both providers and investors;
- How having a succinct strategy determines success and supports your performance;
- The importance of having a strong culture of communication;
An exclusive roundup coming straight from VMX 2021! We asked the experts: “What would you do differently if you knew the pandemic was coming?” From paying attention to the stock market to investing more in employee wellness and telemedicine - hear their unique insights.
Sebastian Gabor, Founder of Digitail, joined us to talk about client communication nowadays. Sebastian shares the three main divisions of his team, and explains why it is so important for software companies to stay on top of changing needs.
We dove into the role of client feedback and explored why all-in-one solutions are stronger than siloed ones.
Topics discussed:
- How Sebastian approaches change management;
- Digitail’s three main divisions; education, implementation, and customer success;
- Why it is important for software companies to stay on top of changing needs;
- Why all-in-one solutions are stronger than siloed solutions;
- The learnings from client feedback and reviews;
- The role of e-commerce within the PIMS space;
- Why the biggest win is when a client goes to the app rather than approaching Google;
David Boguslawski, CEO of CityVet, reveals some details about their business model and their local ownership of clinics. We also discuss CityVet’s tool to increase transparency and trust levels within the company and ensure that concerns of team members are properly addressed, and recognition is given when due.
To end off this episode, David shares his thoughts on de-novo to acquisition.
Topics discussed:
- Distinctive characteristics of CityVet;
- Freedom through trust; what this core principle of CityVet means;
- Programs that assist staff members in numerous ways;
- MUTTS - the platform that CityVet finds very useful as an internal communication tool, and as a tracking tool for everything related to the business;
- The value that is provided by metrics and KPI’s;
- Examples of ways to provide transparency without making the environment a competitive one;
- The importance of mental health;
Steve Thomas, the Co-Founder and CEO of Vets Pets, joins us to discuss their unique growth business model and talk about the different types of financing based on the different types of seller economics.
Learn more about how Vets Pets has evolved over the past 14 years, the idea of avoiding private equity money, the cost differences between de-novos and acquisitions and Steve sheds light onto the pros and cons of each.
Topics discussed:
- Insight into the business’s acquisition economics;
- Why Vets Pets tries to avoid private equity money and how they structure their veterinary partners’ loans;
- Understanding the good-fit target partner;
- The differences in the costs of building de-novo versus acquisitions;
- The long-term goals of Vets Pets;
- The benefits of being able to leverage assets across existing nearby practices;
Dr. Jaime Pickett, Chief Veterinary Officer at Pet Paradise, joined us for an interesting discussion about the importance of always being ready and willing to pivot quickly and the value of being open to the ever-changing drivers that affect vets.
Dr. Pickett shares her path from a veterinarian to franchising to CVO and why a business degree is beneficial for all vets, especially when moving into leadership roles.
Topics discussed:
- How Dr. Pickett went from veterinarian to franchising to CVO at Pet Paradise;
- Why holding a business degree is useful for all vets, especially when moving into leadership roles;
- Dr. Pickett reflects on client acquisition versus scaling veterinary services during COVID;
- The value of being open to the ever-changing drivers that affect vets and pivoting accordingly;
- Find out how Pet Paradise attracts talent by spotlighting the benefits of seeing happy, smiling pets rather than exclusively ill or injured ones;
Dr. Ivan Zak and Ryan Leech discuss the importance of a reliable support process in a veterinary group. In this episode, our hosts talk about the three main support components: help desk, knowledge base, and learning management systems.
We cover the importance of having a knowledge-accumulation process that should start from the very beginning of the organization, and the opportunity for the veterinary consolidator to streamline the process of hiring/firing, budgeting, and more.
Topics discussed:
- The definition of enterprise support organization;
- Three main support components;
- The importance of having established support at the inception;
- Parallels between software support and support in a veterinary group;
- The benefits of having enterprise support with a specialized team outsourced;
- How the symbiosis of ticketing system, knowledge base, and learning management system could be transformed into a valuable metric for the board;
- How the enterprise support organization removes bottlenecks in the consolidation value stream;
Our guest today, Andrew Schultz, Jr, Director of Business Development & Clinical Services at Midmark Animal Health, talks about how dentistry can be applied as a strategy for consolidators, the importance of client education on the necessity of dental cleaning for their pets.
During this episode, Ryan Leech and Dr. Ivan Zak discuss with Andrew how to determine the cost for optimizing dentistry in a veterinary clinic and ways to assess clinics prior to acquisition.
Topics discussed:
- How dentistry can be applied as a strategy for consolidators.
- How Andrew realized there was a lack of skills training and therefore an opportunity to provide post-graduate education around dentistry.
- Baseline and benchmark training for the entire staff, including the front office staff, as a way to study program effectiveness.
- Doubling revenue through training
- The importance of client education on the necessity of dental cleaning for their pets.
- Andrew breaks down how to determine the cost for optimizing dentistry in a veterinary clinic.
Kison Patel, the Founder and CEO of DealRoom, joins Dr. Ivan and Ryan to discuss the difference between large corporate acquisitions and veterinary industry M&A.
Listen in to hear the fascinating the convergences and divergences between Kison’s journey and veterinary consolidation.
Topics discussed:
- The goal that Kison has for his book, Agile M&A, and the framework that developed from that;
- Similarities and differences between M&A in disparate verticals;
- Inefficiencies of the traditional approach to M&A
- The role that Kison’s company, DealRoom, plays in the M&A process;
- A common post-acquisition problem and why good communication is the key to solving it;
- People-to-people issues are what make or break a deal, so listening to the HR perspective is essential.
Dr. Bob Murtaugh, the Chief Professional Relations Officer at Pathway Vet Alliance, states that communication is key when it comes to consolidation. Today’s episode is jam-packed with advice on how to make the consolidation process work for everyone involved.
Our conversation explores the types of skills and educational backgrounds which make good regional managers, and the functions which need to be cultivated at both local and global levels. During this episode, Bob shares how they go about the recruiting process at Pathway and the largely untapped avenue they are beginning to utilize.
Topics discussed:
- Skills that are vital for regional managers at Pathway Vet Alliance;
- Functions that need to be cultivated at a local level;
- Change management strategies that Bob utilizes;
- Why it is so important to have the whole team on board;
- Bob’s tips for scaling;
- Platforms to advertise jobs or find people looking for work;
- AVMA’s new research study with graduate students;
Stewart Pollard is an engineer turned leadership coach and the founder of SHiFT Leadership Solutions. In today's episode of Consolidate That!, we talk to Stewart about why purpose is so important in the formation of culture in an organization and how leaders can best instill this in their teams.
So for all this and more about connecting people to purpose through process to achieve the ultimate goal, tune in today!
Topics discussed:
- Why purpose is so important in the culture formation of an organization;
- Being committed to the end goal and solving a customer’s problem;
- Establishing purpose through introspection and finding ‘why’;
- How to give the younger generation a sense of purpose in big corporate roles;
- Using stories to align coworkers to your purpose;
- The value of aligning the purpose of leadership and employees;
Dr. Olivia Oginska, a veterinarian and human psychologist joins the show. She has recently extended her healthcare practices into the field of positive psychology for humans instead of animals. Olivia started Vet Gone Mental, where she is able to share her learnings around positive psychology and help others along the same illuminating path she has been walking.
In our conversation, we get into some of the important areas of her study, talking about how change occurs in organizations, the importance of leadership and communication, and exactly what entering into a flow-state does for a person.
Topics discussed:
- The science of positive psychology; a focus on personal strengths and applicable solutions.
- Olivia's path from work in the veterinary world into an interest in positive psychology.
- The areas of the internal world that generally need more attention from veterinarians.
- Flow-states, levels of resilience, and the role of leaders in introducing change!
- Psychological safety and capital and the components of hope, optimism, efficacy, and resilience.
- The importance of organizational communication and the dangers of silence and fear
Today, David Strauss, Co-Founder of PetWell Partners, sheds light on PetWell Partners’ fundraising strategy, how they spotted value-unlocking opportunities, and hiring the right people for the job.
David also shares some of his key learnings from his time in the space and what he would do differently, details around PetWell Partners’ decision to be acquired by NVA, and his latest project Roo.
Topics discussed:
- Why David believes the strategy of scaling fast and building operations after the fact is risky;
- The value of knowing your strengths and weaknesses as a person and as a team;
- The link between credibility and your team and why you cannot separate their importance;
- How PetWell Partners financed their first two rounds and corporate overhead percentage;
- Insights into how David and his partner identified opportunities to improve before purchasing;
- Dealing with cultural baggage before the acquisition;
- Why PetWell Partners decided to go with NVA and what’s on the horizon;
- What David’s role looks like now that they are part of NVA;
- Details about another one of David’s projects, Roo.
Our guest, Dr. Bob Murtaugh, is highly accomplished as a double-boarded internal medicine and critical care specialist. He is currently the Chief Professional Relations Officer at Pathway Vet Alliance, where he builds the talent pipeline for hospitals and looks for means to support research and community service.
In this episode, Bob shares more about what consolidators need to keep in mind when looking to acquire a practice and the importance of community in the industry. Veterinarians have an incredibly unique career and set of job requirements, so we discuss the value of having someone who understands the vet and the operational side of things to ease the transition.
Topics discussed:
- The importance of community and culture and why consolidators should be aware of these aspects;
- Veterinarians drive the business, so it’s important to choose the right people;
- Insights into how consolidators starting out can look to scale their operations;
- How Pathway has dealt with consolidating during the pandemic;
- The key people who help make integration as smooth as possible;
- A look at Pathway’s Veterinary Incentive Program and what it offers associates.
- Veterinarian’s performance measuring tactics;
- Some of the benefits of being part of a larger organization;
- The importance of support rather than control for consolidators.
In today’s episode, Dr. Ivan Zak shares his experience from a Harvard University course about assessing mergers and acquisitions. We begin the episode by talking about the importance of knowing what your capabilities are and who can most benefit from them.
Expanding on this topic, we share vital insight on pinpointing your core values, what kind of culture is already present in your business, and how you can align the two.
Topics discussed:
- First thoughts on Harvard University's mergers and acquisitions course;
- Why the consolidation process needs to cover aspects of synergy;
- The importance of knowing what your capabilities are and who needs them;
- Links between synergy and cultural integration in a company;
- Comparison of the business cultures at IBM and Lenovo;
- How alignment and decision-making between executive teams should look;
- Proper preparation of data before entering the consolidation process;
In this episode of Consolidate That! Ryan Leech and Dr. Ivan Zak discuss the main principles of goal settings and OKRs, or objectives and key results. What are they? How do they affect the business? How can consolidators use them to implement goals and objectives across the entire framework?
Topics discussed:
- Learn about OKRs and get to know how they affect business, and how can consolidators use them;
- Discover the Grandma Rule;
- SMART goals and OKRs: do they overlap, are they the same thing, or components of OKRs;
- How the OKR system allows every level to own the size of the task at hand for themselves;
- The difference between benchmarks and OKRs;
- Potential risks for missing OKRs for the organization;
- The difference in goal setting for technicians vs veterinarians;
In our previous episode, a webinar, we received some great questions about change management versus continuous improvement. So, today Dr. Ivan Zak and Ryan Leech are diving into some of the best change management practices. From the ADKAR model, to McKinsey’s 7-S model, Kotter’s 8-Step Change Model and even Kubler-Ross, we discuss the continuous improvement and how it differs from change management. Change is inevitable, but when employees lead it, not only will it be better received, but it will touch on pain points they experience.
So, rather than waiting for corporate change management, foster a culture of continual improvement and your organization is sure to flourish and weather whatever storm comes its way!
Topics discussed:
- Industry change management models;
- What the McKinsey 7-S model is most useful for; gap analysis to assess strengths and opportunities;
- Which steps are more important than the change management itself;
- What continuous improvement means and how it can be implemented in organizations;
- Why continuous improvement resonates with millennials in the workforce;
- Fostering a sense of continuous improvement in your business is more effective than implementing corporate change.
In our special episode of the Consolidate That! we are going to discuss with Dr. Bob Lester of WellHaven Pet Health and Dr. Thom Jenkins of PetsApp how an acquisition impacts the classic burnout triggers, why team culture is subject to due diligence, how consolidators can build a system to improve employee experience, and the costs of indifference.
Topics discussed:
- The importance of cultural assessment pre- and post-acquisition;
- Employee NPS score;
- A good question to ask employees: What would you change if you were the boss?
- When to communicate the acquisition to the team;
- Preserving the legacy, the team and making sure that the financial incentives are there when you’re picking the consolidator to sell your business to;
- Taking references from other clinics that already sold to a particular consolidator, a good strategy suggested by Bob;
- Change management vs continuous improvement culture
This week on the Consolidate That! Ryan and Ivan talk with Mark DeCourcy, CEO at Ellie Diagnostics, about diagnostics' role in the patient journey and the significant impact on EBITDA for veterinary consolidators.
Topics discussed:
- Percentage of revenue from diagnostics;
- Optimization of the clinic's workflow by transitioning to a laboratory partner;
- How eliminating contracts increases the practices’ value;
- Impact of preventive diagnostic tests on the total revenue for the clinic;
- Ellie Diagnostics’ innovative business model;
This week on the Consolidate That! Dr. Julien Renard, Co-Founder of Vetstoria, joins Dr. Ivan Zak and Ryan Leech to discuss the successful execution of a clinical tech stack and the importance of knowing how to measure success.
Topics discussed:
- Vetstoria appointment bookings in the customer journey;
- Implementing software for large scale organizations;
- Change in the hospital workflow and clinical staff behavior;
- Key KPIs that Vetstoria provides for the veterinary groups;
- The importance and influence of having meaningful actions based on KPIs;
Dr. Ivan Zak and Ryan Leech discuss the safest methods for consolidators to implement post-acquisition changes in clinics and ultimately empower the practice team to live their passion.
Topics discussed:
- Different partnership models on the consolidation market;
- The importance of transparency in an acquisition;
- “Do what you say you will do” during the negotiation;
- The influence of mixed messages on the medical staff;
- Six classic burnout triggers by Christina Maslach;
- Ways to avoid discrepancies between Business Development and Integration departments within a consolidation.
Dr. Ivan Zak and Ryan Leech welcome Rivers Morrell, the CEO of Vet Marketing Pro and COO of easyvet, to chat about franchising in the veterinary domain.
Topics discussed:
- The importance of having a consistent platform with all data points together;
- Growth opportunities in the veterinary consolidation market;
- Franchising as a turnkey model;
- Creating a work-life balance for franchisees and front-line staff;
- easyvet's plans for future growth by geography
This week on the Consolidate That! Ivan and Ryan are joined by Dr. Thom Jenkins, CEO & Co-founder of PetsApp, to discuss cultural assessment methods and cultural integration.
Topics discussed:
- Understanding your corporate culture;
- Core value misalignment and its effect on burnout;
- Business owners’ responsibility in culture creation;
- What to measure in your Cultural Assessment;
- Consolidator’s advice on how to communicate with your team during the sales process;
- Why to use an employee Net Promoter Score (eNPS) across the existing business.
Our speakers, Dr. Ivan Zak and Ryan Leech discuss how methodologies from Traction, SAFe and Agile can be combined to help drive quarterly planning in veterinary consolidator businesses.
Topics discussed:
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Approach to strategic planning at VIS;
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Importance of quarterly planning meetings for interdepartmental collaboration;
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Identifying interdepartmental dependencies to align efforts towards goals and objectives;
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An online whiteboarding tool that helps organizing quarterly plans;
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Vertical cascading of goals down the four levels of the enterprise;
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Definition of Objectives & Key Results (OKRs) and SAFe methodologies;
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Level-10 meetings to track progress;
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How to make all the departments aware of the initiatives kicked off in a particular quarter.
In this episode, Ivan Zak and Ryan Leech from Veterinary Integration Solutions talk about the strategic filter that accelerates and automates the M&A process. The strategic filter is what goes into the system, and there are two maturity levels to focus on. It’s important for the clinics that you buy, and initiatives that you take into consideration for consolidation.
Topics Discussed:
- Consolidator Operating Framework©: How all elements connect and interact
- Knowledge Base: Proven, integrated principles, practices, and workflows
- Buy or not Buy? Learn about different software, tools, and pieces
- Strategy vs. Strategic Filter: What’s the difference?
- Strategy: New divisions/departments need new processes and initiatives
- Strategic Filter: Depends on maturity level (inception or development)
- Core Values, Goals, and Competencies: Are they permanent? Can they change?
- Change Management: Starts from top to introduce planning to prioritize together
- Checks and Balances: Visionary pushes things through filter, integrator shares it
- Cost of Delay: Calculated by adding business value, time criticality, opportunity
- 3-Pronged Approach: Strategic filter, prioritization, and work-in-progress limit
- Quarterly Planning: Purpose is to share dependencies—not to plan
This week, Dr. Ivan Zak and Ryan Leech discuss strategies and methodologies to create a predictable practice acquisition funnel using a CRM system.
Topics discussed:
- Two parts of the Value Creation Stream;
- Pipeline management;
- Utilizing a CRM system to streamline the acquisition process;
- Book: Predictably Irrational by Dan Ariely (recommendation by Sebastian from Digitail);
- Post-acquisition survey;
- Using the PFI Index to prevent employee burnout;
Experts Dr. Ivan Zak and Ryan Leech explain value stream mapping and how veterinary consolidators can improve their systems and value delivery process to the customer.
Topics Discussed:
- What is value stream mapping?
- Improving systems and processes for value delivery to the customer by optimizing the value stream;
- Lean Methodology described by Taiichi Ohno and the example of Toyota’s production system;
- Finding bottlenecks to optimize your system;
- Definition of Done/Definition of Ready;
- Explaining the exercise with the sticky notes and mapping the on the board according to the steps;
- A six months course to increase EBITDA;
Your veterinary consolidation business will encounter different sets of challenges as it matures and grows in complexity. Without a clear roadmap, many businesses lose their momentum and fail to attract capital. Today we break out our playbook and share the dos and don’ts of developing your company. These insights will help you go from a fragile start-up to a strategic organization that’s built to survive and thrive. We open our conversation by unpacking what happens in the early stages of founding a consolidation business. After highlighting the need for early rapid growth and creating systems that align your team with your business, we discuss how unproven consolidators can best appeal to practices. As we explore each level of organizational development, we touch on many key topics, including — the importance of creating processes to transfer knowledge; why the second level is so difficult to progress beyond; how you can improve your business and create value-creation tools; and how data can drive the value you create. Near the end of the episode, we reflect on the opportunities that unlock once you reach the last business development stages. Tune in to hear more about scaling your business and discovering new strategic horizons.
In this episode, Dr. Ivan Zak and Dr. William Griffin from Veterinary Integration Solutions talk about the critical components of a value creation plan.
Topics Discussed:
- Value Creation Plan: Basic business plan used to effectively guide decisions
- Consolidator: Creates value for shareholder and practice seller within timeframe
- Reasons to Invest: Vision, mission, and values to start a consolidation
- Value Creation Plan/Strategy – Fundamental Components:
– Arbitrage (acquisition and merger of small, independent practices)
– Operations (what you can, should, and not do after acquiring a practice) - Margin Expansion: Europe’s data, systems, processes cleaner than U.S. market
- COVID vs. Client Behavior: Human-animal bond continues to get stronger
- Healthcare Capacity: Reduce stress and strain by implementing changes
- Diligence: Create value by partnering and aligning with people and culture
Dr. Ivan Zak and Ryan Leech are pleased to introduce the Consolidate That! Podcast. In this episode, we are talking about the reasons why we started this new initiative and what kinds of topics we’ll be discussing in the show. We want to share our domain knowledge and the meaningful insights we have gained from our experience working in the veterinary consolidation space.